jpm increases shareholding, page-15

Aurelius,

Will give you a couple of helpful valuation clues:
1) Try valuing the cash, perhaps simply use EV instead of mc. Cash at 31 Mar $162mm, 1.37 ps
2) Try valuing the gold business, albeit at early stages. Say 1.2mmoz at 200/oz, or 2.03 ps

That's 3.40 ps excluding the nickel business.

3) You say $45mm pa for the nickel business, on a PE of 10 that would be 3.80, on 8 it would be 3.05

This gives a valuation (consevative imho) between 645 and 720

This ignores the quality of this company,and the considerable bluesky exploration appeal.

You really will go astray using a PE for a business with large non earning assets, such as cash and Tropicana.

Anyway great regards, for ringing the bell for us again.

EL